“Most great investments begin in discomfort,” says Howard Marks of Oaktree Capital Management, in his latest letter to investors.
“The things most people feel good about – investments where the underlying premise is widely accepted, the recent performance has been positive and the outlook is rosy – are unlikely to be available at bargain prices.”
Marks, who co-founded New York-listed Oaktree (US: OAK) 19 years ago, is well known for making these kinds of discomforting investments. One of his preferred strategies is distressed investing – buying “the debt of companies seemingly at [...]
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